There were 61 homes sold in July of 2010 at a median price of 500,000. This compares to 59 homes in July of 2009 at a median of $532,000. This is a modest 3% increase in sales volume year to year.
There were 69 condos sold last month at a median price of $390,000. This compares to 78 sold in July of 2009 at a median price of $417,000. This marks a 12% decrease in volume year to year.
There were 14 parcels of land sold in Maui county at a median price of $370,000 during July of 2010. This compares to 12 parcels at a median of $322,500 in July of 2009. This marks a 17% increase in sales volume year to year.
For the last 18 months there have been 25 REO sales and 21 short sales. Of all of the home sales last month, thirty nine percent were short sales or REOs. The percentage of condo transactions that were short sales or foreclosures stood at twenty nine percent. Two of the land transactions last month were short sales. Unofficially, it appears as if last month saw the percentage of short sales and foreclosures grow to its highest rate of the year.
There has been a big drop in activity. Prior to July, each month of the year had shown a pretty healthy improvement in sales over the same month of 2009. This month we saw the difference dwindle in home sales and a year to year decrease in sales when comparing condos. We had heard anecdotal evidence of a market slow down post home buyer tax credits, and we started to see the quantitative signs with this months stats.
Overall, my advice to buyers and sellers in this market remains the same. Sellers need to keep their pencils sharp when it comes to pricing. The properties that are selling are priced at or below comparable sales. It is especially important to keep that in mind as REO and Short sales take a growing portion of market share. If you have the means, it is helpful to have a survey and a home inspection prior to listing. Transactions are challenging in this market and it helps to eliminate potential surprises.
Buyers will continue to find properties priced well below market highs. Buyers with cash are finding the most opportunity as sellers may be averse to the risk of financing. Buyers who require financing should get pre-approved prior to looking at properties. It will help establish budget and put you in a better position if you need to act quickly. Some of the more desirable opportunities are garnering multiple offers shortly after hitting the market. Buyers need to be prepared to move quickly on opportunities. Contact me today with questions or for assistance buying or selling Maui properties. Michele Muir White, R(S), SFR, Coldwell Banker Island Properties 808.298.8448, email: michelewhite@hawaii.rr.com
